Urban Logistics Reit Share Discussion Threads

[scruff1] 10/4/2024 14:10

Not for me !

[spectoacc] 10/4/2024 14:06

Would love them to be. Shredded their reputation somewhat with the move on API.

If they get to £1, I'll start selling the family silver.

[riverman77] 10/4/2024 13:40

I bet SHED are really glad they went in for API - now down almost 15% since it was announced and no sign of any recovery. Could become a target themselves now.

[spectoacc] 05/4/2024 12:00

Thanks @nickrl, you're the king of the debt positions of the REITs.

There's a lot - eventually even SREI! - who'll be refinancing higher.

Suspect's SHED's picking over of the API carcass will involve a handful of the assets at most.

[nickrl] 05/4/2024 08:57

@Specto the RCF is pretty well loaded up now and needs renewing by Aug 25 so they are lacking spare cash which is why they wanted a share based acquisition otherwise they will be into 7% for short term debt and will the numbers works on the API industrials.

[spectoacc] 05/4/2024 08:14

Much as I like SHED, called it wrongly thinking it'd bounce back from the daft API bid. Clearly they'll be in the running for API's better industrial, but for cash not shares (or a share issue, or more debt?). But still - share price been sickly & now wondering when to avg. Saved only by having reduced when the dcb didn't come.

They seem to have done some permanent damage in looking to move away from their core competency, and of course we're still awaiting the exceptionals.

[skinny] 21/3/2024 16:59

Average volume shows the lack of interest currently.

[giltedge1] 21/3/2024 16:57

Smaller property stocks left behind today, LAND, BLAND up 3 -4 %, guess institutional buying, retail investors on side lines still. SHED liked by IC & Mail, so will be recommended soon.

[spectoacc] 21/3/2024 15:23

I don't, and think I was first to say API totally didn't fit with SHED. But - when they looked like having a good chance of getting it, they were about £1.19. Yesterday they touched £1.16 as the deadline approached, with the fear they'd up the bid.

Instead they pulled it. On a flat FTSE, that ought to be worth £1.20 at least. £1.25 in a good market. Still 4p below where they were, but crucially above where they were when they could still have upped the bid, let alone won API on the existing terms.

Makes no sense to me. Why would CREI fall further, but SHED be largely unmoved.

Edit - guess we're waiting to see how much money SHED wasted on their pursuit of API - "one-off, exceptional" costs.

[scruff1] 21/3/2024 15:15

It doesnt work that way Spec. Like any relationship, once trust is broken it takes a lot of repairing. You said it yourself yesterday - the management is tarnished, Do you trust em?

[spectoacc] 21/3/2024 14:52

+155 FTSE now. SHED was c.£1.29 before the "Oh no, they're going to buy that API junk" fall.

[igoe104] 21/3/2024 14:38

Nothing will make sense with these reits and investment trusts until H2 when hopefully interest rates start being reduced..

[spectoacc] 21/3/2024 14:09

Don't get SHED at all. FTSE +140, out of the ridiculous fight for API, and can't even catch a bid.

If CREI went down on being "successful", why has SHED not gone up? They were in with a good chance, as the share price attested.

[skinny] 21/3/2024 07:08

"If the CREI Merger is not approved by the requisite majority of API Shareholders, the API Board has made clear that a Managed Wind-Down is the next best alternative, but API Shareholders should not expect the same sale values as for ordinary course disposals.

The API Board independently elected to undertake a comprehensive review of API's strategic options which has resulted in a number of opportunities to deliver an uplift in value for API Shareholders."

[skinny] 21/3/2024 07:08

Not only that scruff - but it was posted on the wrong thread!

[scruff1] 21/3/2024 06:17

A pretty astute summation imo elbrus.

Skinny - a tad uncharacteristic - hanging out your washing for the neighbours !

[elbrus55] 21/3/2024 01:30

Agree.I'm not sure I agree with other comments about a lame bid. For an all equity offer they should be assessing the value of each portfolio using their own NAV model and then offering each set of shareholders their fair share of the equity. Cash component needs to be based on realistic sale value. As soon as you start enhancing an offer above those calculated results you are diluting your own shareholders in favour of the target's.So the offer argument for a target has to be based on strategic factors and management efficiency. It looks like they attempted this, but it didn't win out.Anyway, hopefully the advisory expenses aren't too painful and they can move on.

[williamcooper104] 20/3/2024 18:27

I think it's a case of having spent all time and money putting in a last attempt hail merry bid - the incremental cost of which is v little Key thing is they've not gone and chased it up So on that basis I'd be relatively forgiving on management

[williamcooper104] 20/3/2024 18:26

I'm still holding BBOX It's a back door equity raise If they execute well then all will be forgiven

[riverman77] 20/3/2024 17:09

Can't understand their thinking - putting in an offer so poor it was obviously not going to proceed, and now nursing a roughly 10% hit to their share price as a result. Perhaps one of the bigger players might now come in for SHED?

[scruff1] 20/3/2024 17:04

Thats cutting William - and very apt though Im still wiling to give BBOX time.

[williamcooper104] 20/3/2024 16:50

Ditto Big Box Or as someone told me the other day Tritax Any Box

[spectoacc] 20/3/2024 16:17

"On 20 February 2024 Urban Logistics announced details of an indicative offer made to the Board of API (the "Original Indicative Offer"). Urban Logistics today announces that it will not be proceeding with an offer for API. On 18 March 2024 Urban Logistics made an announcement including further information on an alternative proposal submitted to the Board of API (the "Alternative Proposal"). Urban Logistics today announces that it will not be proceeding with the Alternative Proposal."

[lefrene] 18/3/2024 12:14

I guess we're seeing what happens in a credit squeeze, those with access to capital are going to call the shots, particularly when things look like they're going to get worse before they get better. Shed will call the deal it wants, or walk away, there are likely to be more deals on offer before too long, as over leveraged real estate 'kings' have to bend the knee.